Short, sharp, stats & updates on what’s happening in Adelaide’s residential sales market for November 2023.
According to the latest PropTrack report, October marked the tenth consecutive month of national home price growth, surging by 0.36% month-on-month to reach a new price peak. Prices nationwide are now 4.54% higher than they were a year ago.
Housing values in Adelaide increased by $9,100 in October, representing a 1.3% growth since reaching a floor in March. Housing values have surged by 7.7%, achieving a new record high each month since June.
The increase in house values outpaces unit values slightly, with a 4.2% and 3.8% rise, respectively, over the past three months. Advertised stock levels have remained nearly unchanged throughout spring, persistently staying almost 40% below the five-year average for this season. Despite a 20% increase in the flow of new listings entering the market, the low advertised supply indicates a robust rate of absorption and favorable selling conditions.
In the realm of monetary policy, the RBA board has decided to raise rates to 4.35% to mitigate the risk of an “unwelcome” rise in inflation. Financial markets anticipate that the RBA will maintain these rates at its final meeting for the year next month.